Brookfield Infrastructure Partners L.P. Limited Partnership Units (NYSE:BIP) Q3 2024 Earnings Call Transcript November 6, 2024 9:00 AM ET

Company Participants

Sam Pollock - Chief Executive Officer of Infrastructure
David Krant - Chief Financial Officer
Dave Joynt - Managing Partner, Infrastructure

Conference Call Participants

Cherilyn Radbourne - TD Cowen
Maurice Choy - RBC Capital Markets
Devin Dodge - BMO Capital Markets
Robert Catellier - CIBC Capital Markets
Robert Hope - Scotiabank

Operator

Good day. And welcome to the Brookfield Infrastructure Partners Q3 2024 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Mr. David Krant, Chief Financial Officer. Please go ahead, sir.

David Krant

Thank you, Sheri, and good morning, everyone. Welcome to Brookfield Infrastructure Partners third quarter 2024 earnings conference call. As introduced, my name is David Krant, and I'm the Chief Financial Officer of Brookfield Infrastructure. I'm joined today by our Chief Executive Officer, Sam Pollock, and also with us today is Dave Joynt, our Managing Partner and Head of Transport Investing across our business for the Q&A portion of the call.

I'll begin the call today with a summary of our third quarter 2024 results, followed by a discussion of our capital markets activity and strong financial position. I'll then turn the call over to Sam, who will provide an update on our strategic initiatives before concluding with outlook for the business. At this time, I would like to remind you that in our remarks today, we may make forward-looking statements. These statements are subject to known and unknown risks, and future results may differ materially. For further information on known risk factors, I would encourage you to review our latest Annual Report on Form 20-F, which is available on our website.

Brookfield Infrastructure is pleased to report strong financial offering results while advancing many of our strategic initiatives this quarter. Our focus was on advancing our record capital backlog, delivering on our capital recycling objectives, which Sam will speak to next, and executing our capital market strategy. Beginning with our financial and operating results, we generated Funds from operations, or FFO, of $599 million during the third quarter, which is 7% above the comparable period. We experienced strong contributions from new investments completed last year and the initial contribution from three accretive tuck-in acquisitions that closed this year. We also benefited from organic growth at the midpoint of our target range, capturing annual rate increases from inflation, stronger transportation volumes, and the commissioning of over $1 billion from our capital backlog.